What types of business expenses are tax-deductible?

Business expenses in New Jersey that are tax-deductible include those used in the everyday operation of the business. These expenses include everyday costs such as rent, wages, utilities, telephone/internet, supplies and materials, travel, insurance, advertising, and professional services such as accounting and legal fees. Businesses in New Jersey can also deduct any costs associated with the purchase of business assets or property such as land, buildings, vehicles, equipment, and inventory. These items are depreciated over time in accordance with IRS regulations. Other deductible tax expenses can include entertainment and meals for clients, startup expenses, home office expenses, and contributions to qualified charities. However, some of these are subject to limits when filing taxes. Additionally, businesses in New Jersey are allowed to deduct their state taxes. It is important to always keep records of all expenses to prove they were used in the day-to-day operation of the business. Also, if an expense can be classified as both a business and personal expense, it cannot be deducted from taxes. It is important to have a good understanding of which expenses are deductible in order to save on taxes. Consulting with an accountant or lawyer is recommended if there is any confusion about which expenses are deductible.

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What types of business expenses are tax-deductible?

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